Skip to main content

Home Equity

100% flexibility to pay for major purchases. Compare our popular home equity loans.

Overview

  • Introductory rates as low as 1.99% APR on New Home Equity Lines of Credit for 6 months then as low as 4.75% variable APR.
  • Allows you to borrow funds using the equity in your home
  • Draw money as you need it
  • Required monthly payments are interest only
  • No closing costs, no prepayment penalties, no annual fee
  • Most closings in two weeks or less
  • Also known as a HELOC

A Good Option If:

  • You want to consolidate other loans or credit cards, finance home improvements, purchase large-ticket items, or pay for major expenses
  • You want the flexibility of using the funds only when and if you need them
Home Equity Line of Credit Interest Rate  APR  Points 
Home Equity Line of Credit 4.75% 4.75% 0.0

Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. Home Equity Line of Credit: The Introductory Annual Percentage Rate (APR) of 1.99% is for new home equity lines of credit only and is for the first six months. To receive the Introductory rate, a draw of at least $5,000 must be made within 30 days of account opening. After the introductory rate expires, balances will be charged at the variable APR based upon the Prime rate as published in The Wall Street Journal plus a margin. The APR will never be lower than 3.75% or higher than 18%. Rates vary depending upon credit history, combined loan-to-value (CLTV), and occupancy. The stated rate, correct as of 3/21/18, applies to borrowers with credit scores of 740 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial will pay flood determination fee, title search, and simple valuation. You may be required to pay other costs such as recording fees, taxes, and when required, appraisal fees. These costs vary by state and property type. Elements Financial reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Elements Financial Membership Required.

Overview

  • Allows you to borrow funds using your home as collateral
  • Get the money you need up front in a lump sum single payout
  • Lock in a fixed rate for the life of the loan with a fixed monthly payment
  • Never worry about the possibility of rising interest rates
  • 10-year and 15-year loan options

A Good Option If:

  • You want to consolidate other loans or credit cards, finance home improvements, purchase large-ticket items, or pay for major expenses or other one-time needs
  • You want predictable monthly payments that stay the same
Home Equity Loan Interest Rate  APR  Points  Monthly Payment
10 Year Fixed 4.99% 5.154% 0.0 $530.08
15 Year Fixed 5.49% 5.606% 0.0 $408.28

Payments shown do not include taxes and insurance premiums. Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the displayed lowest rates. Annual Percentage Rates (APR), effective April 2, 2018, and example monthly payments are calculated using loan amounts of $50,000, a credit score of 740 or greater and combined loan-to-value of 80% for a single-family residence and estimated closing costs of $538 for the 10-year and $641 for the 15-year. A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms, and conditions are subject to change without notice.

Overview

  • Available as an unsecured or secured loan
  • Access to up to $25,000 with our unsecured option
  • Access to up to $250,000 (up to 133% of the current value of your home) through our secured option—a good option if you don't have sufficient equity in your home

A Good Option If:

  • You need funds specifically for a home improvement project
  • Trade-off: Interest rate can be slightly higher than home equity options
Home Improvement Loan Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
Unsecured 6.24% 6.284% 60
Secured 10 Year Fixed 7.24% 7.411% 0.0 $586.75
Secured 15 Year Fixed 8.24% 8.366% 0.0 $484.78

Unsecured Fixed Rate Home Improvement Loan: Rate effective as of February 24, 2018, and subject to change without notice. Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. A $140 processing fee applies to all Fixed-Rate Unsecured Home Improvement Loan applications. APR calculation and example monthly payments based on loan amount of $25,000, FICO® score of 740 or greater, and term of 60 months. Rate includes 0.25% deduction for automated payments. Additional conditions may apply. Subject to credit approval. Maximum Loan Amount of $25,000. Secured Home Improvement Closed-End Loan: Annual Percentage Rate (APR). Combined Loan to Value 101% to 133%. Maximum Loan Amount of $250,000. APRs above are calculated using loan amounts of $50,000, credit score of 710 or greater and loan to value of greater than 100% for a single-family residence. Closing Costs: A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. The actual closing costs generally range between $500 to $1,200, depending on the location of the property, the amount of the loan and other factors. Example Monthly Payments: Are figured on loan amounts of $50,000 and do not include hazard insurance, property taxes, or flood insurance. Your actual payment may be higher. Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for our displayed lowest rates. Tax Deductibility: Elements Financial does not offer tax advice. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms and conditions are subject to change without notice.